Kraken's $INK .... just a liquidity mining token?

At just $7M in TVL after 7 months since launch INK is struggling to get adoption.

Contrast that with Base with $3.75B in TVL despite no token in sight.

It shows the power of Coinbase to push adoption: from stablecoins to cbBTC.

Even after the INK announcement & airdrop news, the TVL hasn't gone up. I suppose a retroactive airdrop isn't in the plans?

Otherwise insiders would've aped millions into Ink.

So, my initial impression is that $INK is just a tool for liquidity mining.

At least, at first.

Aave will be a first 'liquidity protocol' - I'm expecting good old DeFi yield farming opportunities like from 2020 when Avalanche, Polygon etc. were giving rewards for depositors on Aave.

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Interestingly, @krakenfx posted that isn't a vibe and prayer token but launching with utility. "Designed for usage, not speculation."

And "Importantly, $INK does not govern the Ink L2 [...] $INK is for the user and application layer."

What's the utility? Anyone knows?

$INK must have some value accrual model, perhaps rev share from sequencer fees?

In any case, at $7M in TVL, Ink could offer great opportunities.

And I am really happy for a new token!

Token > IPO on Tradfi

Although Kraken will have both...

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